Malawi’s Minister of Finance, Economic Planning and Development Goodall Gondwe, has said a grant of $16 million (K7.5 billion at the current exchange rate) by China will be used to expanding Thyolo Secondary School, renovate technical colleges among other projects to be jointly agreed by the two governments.
Gondwe said the money will also be used to drill boreholes in some districts in the country, provision of technical cooperation for the Bingu National Stadium as well maintenance of Parliament building.
He was speaking after signing an agreement to enable China to give Malawi an interest free loan amounting to $8 million (K3.8 billion).
“The loan will run for five year, thus from January 2015, to December 2019. As for the resources whose agreements have been signed today, they will be used on projects to be jointly agreed by our two governments,” said Gondwe
“We are already in discussion with the Chinese government, through the Economic Counsellor’s office, on a number of projects for possible financing and among them are the renovation of youth centres across the country and the expansion of Thyolo Secondary School among others,” Gondwe said.
Gondwe said the money will also be used to drill boreholes in some districts in the country and the maintenance of Parliament building.
Chinese ambassador Zhang Qingyang said projects to be funded by the money will help to grow the country’s economy and improve the well being of the people of Malawi.
“A friend in need is a friend indeed; the agreements show that the Chinese Government and the people regard Malawi as a true friend.
“Since the establishments of the diplomatic ties seven years ago, China and Malawi have always been a community shared destinies, common developments task and shared strategic interests have bound us together,” he highlighted.
Recently, Malawi and China also held a signing ceremony whereby, China gave to Malawi the mobile solar system worth worth $10 million (K4.6 billion).